Latest news with #R2m
Daily Maverick
6 days ago
- Business
- Daily Maverick
Bitcoin nears R2m as crypto goes mainstream — but don't get too excited just yet
In case you missed it last week, bitcoin hit almost R2m. This wasn't just another crypto bro celebration moment either — it goes deeper. Bitcoin's breakthrough last week to past $111,000 (R1,966,480 for those keeping track) has been hailed as a genuine turning point for digital assets, coming at a time when traditional tech stocks were having what can only be described as a tantrum. 'Bitcoin hitting a new all-time high above $111,000 marks a major milestone for the crypto industry,' said Hannes Wessels, the general manager of Binance South Africa. 'It reflects growing global confidence in digital assets, driven by strong institutional demand and regulatory progress.' Translation for the rest of us: Big money is finally taking crypto seriously, and governments are starting to figure out how to regulate it without completely breaking it. When trading goes nuclear The bitcoin surge wasn't happening in isolation. On 19 May, crypto wallet platforms recorded the kind of trading volumes that would make the JSE weep with envy. Binance Wallet alone hit over $5-billion in daily trading — that's roughly R88-billion changing hands in a single day on one platform. To put it in perspective, that's more than the entire market capitalisation of Shoprite, and it happened in 24 hours on a platform most South Africans probably haven't heard of. This trading frenzy suggests something fundamental is shifting in how people interact with cryptocurrencies. Gone are the days when crypto was just about buying bitcoin and hoping for the best. Users are becoming more sophisticated, seeking out early opportunities and engaging with what the tech crowd calls 'Web3' — think of it as the internet's awkward teenage phase, where everything becomes decentralised and confusing. The early bird gets the (digital) worm Much of this activity revolves around platforms that let users get in on cryptocurrency projects before they hit the big exchanges. These early-access platforms have become incredibly popular by offering exclusive token generation events and airdrops. Since December 2024, Binance Alpha has featured 18 tokens that eventually got listed on major exchanges — a 43% success rate that would make any venture capitalist jealous. Here's where it gets interesting for regular investors: participants in these early events bought tokens at prices averaging eight times lower than their opening day values. That's the kind of return that makes property investment look like a savings account. But — and this is a big but — this is also where things get properly risky. Don't fall for the Fomo trap Before you start liquidating your unit trust to chase crypto dreams, let's talk reality. Getting early access to cryptocurrency projects is like being invited to a high-stakes poker game where half the players are card sharks and the other half are algorithms. Yes, the potential returns are eye-watering. But so are the risks: Regulatory roulette: Governments worldwide are still figuring out how to handle crypto. Rules can change overnight, potentially making your investment illegal or inaccessible. Hacker heaven: Crypto platforms are magnets for cybercriminals. When they succeed, your money disappears into the digital ether with zero chance of recovery. Volatility on steroids: Traditional shares can be volatile, but crypto makes the JSE look like a lazy Sunday afternoon. Prices can swing 50% in a day just because someone influential tweeted something. Liquidity nightmares: Sometimes you can't sell your tokens even if you want to, because there aren't enough buyers or the trading volumes are too low. Technical meltdowns: When platforms crash or have bugs, your investments can be stuck in digital limbo. When courts get crypto reality The legal system is slowly catching up with crypto reality, and the results are sobering for investors who think digital assets are a guaranteed path to riches. A recent UK Court of Appeal case involving Bitcoin SV investors provides a masterclass in crypto reality checks. These investors sued Binance and other exchanges for $13.4-billion (yes, billion), claiming that delisting their favourite token prevented it from becoming the next bitcoin. The court's response was, essentially, 'Nice try, but no.' The judges ruled that cryptocurrencies are 'by their nature, volatile investments' and should be treated like shares or other financial instruments. More importantly, they rejected the idea that investors could claim damages based on what their tokens might have been worth in some hypothetical future. As the court put it: 'It would be unthinkable for the holders of freely tradeable shares, whose value had been reduced by tortious conduct, to be able to claim more than the current value of those shares to compensate them for the prospect that their value might have substantially increased in the future.' This ruling could reshape how crypto disputes are handled globally, establishing that digital assets don't get special treatment just because they're digital. The regulatory maze Meanwhile, regulators worldwide are creating a patchwork of rules that would make a tax consultant weep. The European Union's new crypto regulations are so strict that Tether — the company behind the world's most popular stablecoin — simply refused to comply. This has led to major exchanges delisting USDT (a dollar-pegged cryptocurrency) for European users, creating a fragmented market where your access to certain digital assets depends entirely on your location. In Nigeria, tensions have escalated dramatically, with authorities seeking $79.5-billion from Binance in alleged damages, plus another $2-billion in back taxes. What this means for you For South African investors watching this unfold, the message is clear: crypto is maturing, but it's maturing into something complex and regulated, not the Wild West of easy money that early adopters experienced. The good news is that institutional money is flowing in, providing stability and legitimacy. The bad news is that with legitimacy comes regulation, compliance costs, and the kind of complexity that makes traditional investments look simple. Bitcoin's march toward R2-million represents genuine progress for digital assets, but it's progress that comes with grown-up responsibilities and grown-up risks. Keep it tidy The cryptocurrency market is undoubtedly entering a new phase of maturation, with unprecedented trading volumes, institutional adoption and regulatory clarity. But this maturation cuts both ways — while it brings legitimacy and stability, it also brings complexity and risk that many retail investors aren't prepared for. For South Africans considering crypto investments, the advice remains unchanged: only invest what you can afford to lose, understand the risks, and remember that past performance — even R2-million Bitcoin — is never a guarantee of future returns. DM
The Citizen
6 days ago
- The Citizen
SANDF and SAPS recover stolen Gauteng cars being smuggled out of SA
SANDF and SAPS recover stolen Gauteng cars being smuggled out of SA Vehicles reported stolen in Pretoria and Germiston, along with luxury goods, were recovered in Limpopo by the SANDF and police during separate incidents this past week. Pretoria Rekord reports the vehicles were intercepted while allegedly en route to being smuggled out of the country. Joint Tactical Headquarters Limpopo recovered the luxury vehicles and Adalya Premium hookah tobacco (hubbly), with an estimated total value exceeding R2m. Captain Moses Semono from the SANDF says that during a routine foot patrol between Echo Station 1 and Sediba sa Tau (Lion's Well), members of the 10 Anti-Aircraft Regiment intercepted a Ford Ranger V6 Double Cab valued at R849 500 and a Toyota Corolla Cross Hybrid GR valued at R540 000. 'Upon further investigation with the assistance of Operation 'Vala Umgodi' and police, it was discovered that the Ford Ranger had been reported stolen in Germiston and the Toyota Corolla Cross in Brooklyn, Pretoria.' Semono explains that in a separate incident, another Toyota Corolla Cross valued at R460 000 was confiscated after being abandoned by suspects in the Limpopo River. 'This vehicle was also found to be stolen from Brooklyn but is registered to Nestlé South Africa in the North West.' Semono adds further efforts at the Malala turn-off road, with the support of Kawai Tracker Company, led to the recovery of another Toyota Corolla Cross valued at R561 700. 'The suspects involved fled on foot across the Limpopo River and abandoned the vehicle,' Semono says. He adds that additionally, at Echo Station 3, members confiscated assorted hubbly flavours valued at R54 500. 'All the recovered vehicles and tobacco have been handed over to the police for further processing.' Commanding officer of Joint Tactical Headquarters Limpopo Colonel Dikgabane Herold Tladi expressed his commendation to law enforcement members for their outstanding work. Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel. Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal. Read original story on At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
20-05-2025
- Business
- The Citizen
Rising demand for holiday apartments in Garden Route towns
While freestanding housing stock dominates in the towns across the Garden Route, there is growing demand for apartments, with some new developments finally coming to market, says Gail Rimbault, licensee for Seeff Knysna. Sectional title complexes can provide more options for buyers and investors, and they are generally also more accessibly priced, she says. They are also sought-after for the convenience of lock-up-and-go with minimal maintenance as there is usually a Body Corporate which manages the apartment complex. For holiday homes and even those who are downscaling to the coast, this is the ideal solution. While buyers include retirees and holiday home buyers, there is also high demand for rentals, both long and short-term holiday needs in these towns. She says many buyers also combine their holiday purchase with the option of renting it out when not needed and benefiting from a lucrative rental return on their investment. A key benefit of investing in the Garden Route holiday towns is that they are hugely popular holiday hotspots, and experience high holiday traffic during the school closure periods, over weekends, and especially over the summer season. Lightstone data shows that sectional title as a category of all housing stock in most Garden Route towns is still quite low with Mossel Bay (15%) and Plettenberg Bay (15%) the highest, followed by Knysna (10%), and George (6%). It also shows that most apartments tend to sell for over R2m with some exceptions. Sectional Title Housing Stock on the Garden Route Town Sectional Title as % of Housing Stock Ave ST Price Ave Lux ST Price Mossel Bay 15% R2m R3.6m-R3.8m Plettenberg Bay 15% R2.9m R5m Knysna 10% R1.5m-R2m R4m George 6% R1.6m R3.9m Source: Seeff/Lightstone Notably, while only around 10% of Knysna's stock is sectional title, it represents about 20% of all sales activity over the last year, indicating the high demand for compact units in the town. Compact units such as apartments are increasingly popular both for own use as well as holiday rentals, including Airbnb. The high demand has created opportunities for developers to come into the market with new offerings such as the Seahorse development, says Gail. It offers 35 new units with one or two bedrooms, braai balconies, secure parking, as well as Wi-Fi and inverters. The complex also offers a heated swimming pool and sun deck. Prices range from R1.75m (one bed), and R2.325m (two bedrooms). There's also no transfer duty payable, says Gail, adding that these are a great addition to this popular holiday town. The development is also just a short walk from the Knysna Lagoon and Waterfront area. These apartments appeal to a wide range of buyers, from those looking to retire or downscale permanently to the Garden Route, or as holiday or Airbnb investments for lucrative short or long-term rental returns. To facilitate hassle-free Airbnb income, Perch Short Stays will offer a complete turnkey service for investors, ranging from furnishing and marketing to management and maintenance. Issued by Gina Meintjes
The Citizen
19-05-2025
- Sport
- The Citizen
Snaith sextet top entries for Daily News 2000
Two-time Grade 1 winner Eight On Eighteen heads up field for R2m race. Runners from the Justin Snaith stable dominate the entry for the Grade 1 Daily News 2000 at Hollywoodbets Greyville on Saturday. There are 11 runners entered in the R2-million race for three-year-olds and six of them come from Snaith Racing. Of course, leading the sextet is Cape Town Met and Cape Derby winner Eight On Eighteen, who is likely to go off as a hot favourite for this race. The Lancaster Bomber colt had a perfect warm-up for this race when finishing a 0.60-length second behind stable companion Sail The Seas in the Grade 2 WSB Guineas over 1600m at this course. Interestingly, Snaith has already declared three of his runners for the race and other than Eight On Eighteen, he has Native Ruler with JP van der Merwe up and Makazole, to be ridden by Andrew Fortune. Once again, Richard Fourie will be on Eight On Eighteen. ALSO READ: Callan puts Dave back on throne Another runner of interest is Fabian Habib-trained Confederate, who has not been seen in action since winning the Grade 2-1 SA Classic over 1800m at Turffontein on 1 March. He kept going resolutely to hold off Fire Attack, who went on to win the Grade 1 Premier's Champion Challenge four weeks later, by 0.70 lengths. Also run at the meeting will be the Grade 2 Tote Woolavington 2000, which is no longer restricted to three-year-olds and is open to all fillies and mares. Spumante Dolce, winner of the Grade 2 Wilgerbosdrift Gauteng Fillies Guineas, has been entered to run in both races and it will be interesting to see which of the two trainers Mike and Mathew de Kock choose. This race has got a strong entry of 19 runners so that should be quite a competitive event. ALSO READ: Local jockeys good enough for world league Entries for the R2-million Daily News 2000 (Grade 1) over 2000m 5 CONFEDERATE (F P Habib) 60.0 11 EIGHT ON EIGHTEEN (J S Snaith) 60.0 4 FIELD MARSHAL (F Robinson) 60.0 2 GRAN CANARIA (J S Snaith) 60.0 7 MAKAZOLE (J S Snaith) 60.0 3 NATIVE RULER (J S Snaith) 60.0 1 OKAVANGO (J S Snaith) 60.0 9 ON MY HONOUR (G S Kotzen) 60.0 10 PARISIAN WALKWAY (A G Laird) 60.0 12 REGULATION (J S Snaith) 60.0 6 SPUMANTE DOLCE (M/M de Kock) 57.5 Entries for the R500,000 Tote Woolavington 2000 (Grade 2) (Fillies & Mares) over 2000m
The Citizen
11-05-2025
- General
- The Citizen
Education bids farewell to its beloved ECD director
The Department of Education (DoE) has bid farewell to Early Childhood Development (ECD) director, Hazel Brukwe. Recently retired, Brukwe played a vital role in transitioning the ECD function from the Department of Social Development (DSD) to the Department of Education. The department held an event to celebrate her service and extended its appreciation and warmest wishes. Brukwe served with distinction as a director at the Ehlanzeni District and later took on the critical responsibility of overseeing the transition of the ECD function from the DSD to the DoE. ALSO READ: Mpumalanga premier releases investigation report on R2m laptops The DoE's spokesperson, Gerald Sambo, said Brukwe's leadership during this complex and transformative period was nothing short of exceptional. 'Throughout her tenure, Brukwe stood as a pillar of strength, wisdom and unwavering commitment. Her vision and expertise helped steer the department through significant changes that have laid a strong foundation for the future of ECD in our province. Her tireless dedication to nurturing the youngest minds in our communities has left an indelible mark,' he said. Brukwe championed the importance of early learning, ensuring that countless children would have the best start in life. Sambo said that as she embarks on this chapter of rest, reflection and new adventures, they celebrate her career marked by purpose, impact and inspiration. May your retirement be filled with joy, peace, and everything your heart desires.' At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
